Tower Hill homeowners insurance review for 2021

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    Article Highlights

    Tower Hill Insurance Group was founded in 1972 in Gainesville, Florida. Over the last nearly 50 years, the company has become one of Florida’s biggest residential property insurance companies. Tower Hill sells a variety of insurance products in 16 states, which are mostly concentrated in the southeast region. However, Tower Hill’s home insurance policies are only available in Florida. 

    Tower Hill is a unique home insurance company because it offers policies for standard dwellings and high-value homes. So if you own an expensive oceanfront property in Florida, Tower Hill can make sure it’s protected with high coverage limits and optional endorsements. 

    • Average rate for $200k dwelling coverage: $1,300
    • Average rate for $250k dwelling coverage: $1,548
    • NAIC Complaint Index rating: 9.1 (higher than average complaints)
    • AM Best rating: B++ (good)
    • Bundle option with auto: No
    • Eligibility requirement: Tower Hill home insurance is only available in Florida

    Tower Hill home insurance coverage options 

    Tower Hill home insurance coverage is fairly basic, especially if your home is of average value. If your home is valued at $750,000 or more, you can qualify for Tower Hill’s high-value home insurance programs, which include the Prime Plus Program and the Spire High Value Program. But you must be a resident of Florida in order to purchase any home insurance policy from Tower Hill. Here is a look at the different coverage options available from Tower Hill Insurance:

    • Basic policy: Tower Hill’s basic home insurance policies include coverage for your dwelling, personal property, liability, medical payments and loss of use. It also includes up to $500 in food spoilage coverage, up to $2,500 in business property coverage, valuable items coverage (up to a certain limit per item), loss assessment coverage, and coverage for animal liability, diving board/pool coverage, trampoline liability coverage and personal watercrafts.
    • Prime Plus Program: Tower Hill’s Prime Plus Program includes basic coverage, plus up to $5,000 in coverage for most valuables, up to $10,000 in business property coverage, up to $1,000 in food spoilage coverage, up to $500 in lock replacement coverage, higher personal liability limits, and higher limits for trampoline liability, credit card forgery and personal watercrafts. 
    • Spire High Value Program: The Spire High Value Program is only available for expensive homes. It includes everything in the basic policy and Prime Plus Program, plus personal property replacement cost coverage, personal injury coverage, power shortage loss of use coverage, and higher limits for liability and valuable items. This is the most comprehensive policy with the highest coverage limits in every category. 

    Tower Hill home insurance discounts

    Tower Hill doesn’t advertise any home insurance discounts on its website. However, most insurance companies offer some savings opportunities. We recommend contacting an agent to find out if the company offers any discounts where you live. Here are some of the discounts that Tower Hill might offer:

    • Claims-free discount
    • Pay in full discount
    • New home discount
    • Multi-policy discount
    • Gated community discount
    • Automatic payments discount
    • New roof discount
    • Anti-theft device discount

    Tower Hill customer satisfaction and complaints

    Tower Hill Insurance reviews are not exceptional. The company is not rated by J.D. Power, likely due but according to the NAIC Company Complaint Index, Tower Hill has higher than average number of customer complaints for home insurance.

    In addition, Tower Hill has a B++ rating from AM Best, indicating ‘good’ financial strength. In comparison, many of the top insurance companies have financial strength ratings of A or better, so Tower Hill is not particularly outstanding in this area.

    Cost of Tower Hill homeowners insurance

    Looking at cost, however, Tower Hill home insurance premiums are only slightly more expensive than the United States national average rate. With Tower Hill, the average Florida homeowner will pay $1,300 per year for $200,000 in dwelling coverage and $1,548 per year for $250,000 in dwelling coverage. Respectively, that’s only about $53 and $71 more than the average American homeowner would pay for the same amount of coverage. For a state as high-risk as Florida, this is noteworthy.

    $200K dwelling coverage$250K dwelling coverage
    Tower Hill (FL rates)$1,300$1,548
    National averages$1,247$1,477

    Tower Hill vs. other insurance companies

    Not all home insurance companies are created equal. Some companies are known for offering cheap rates, some offer generous discounts and others have highly-rated customer service. In addition, every home insurance company charges a different rate, and weighs factors like your credit score and claims history differently. 

    The table below includes a list of popular insurance companies, average annual rates, J.D. Power ratings and AM Best ratings. This can help you easily compare providers, but keep in mind that rates vary from person-to-person. Additionally, note that Tower Hill rates are only available in Florida and the average rate below is a combined average between $200,000 in dwelling coverage and $250,000 in dwelling coverage.

    CompanyAnnual rate2020 J.D. Power overall satisfaction ratingAM Best rating
    Tower Hill$1,424N/AB++ (good)
    Allstate$1,363829/1,000A+ (superior)
    American Family$1,375821/1,000A (excellent)
    AIG$1,074809/1,000A (excellent)
    Amica$1,860853/1,000A+ (superior)
    AAA$1,363820/1,000A+ (superior)
    Auto Owners $1,415843/1,000A++ (superior)
    Chubb$1,294778/1,000A++ (superior)
    COUNTRY$1,407855/1,000A+ (superior)
    Erie$1,008839/1,000A+ (superior)
    Farmers$1,410814/1,000A (excellent)
    Hartford $1,618832/1,000A+ (superior)
    Heritage$1,519N/AN/A
    MetLife Grp$1,185824/1,000A+ (superior)
    Nationwide $1,281808/1,000A+ (superior)

    Tower Hill vs. Chubb

    Tower Hill and Chubb are similar because they both specialize in high-value home insurance. With Chubb, you’ll find robust policies that come standard with high coverage limits, generous coverage for valuables and replacement cost coverage. However, Chubb goes above and beyond by offering a cash settlement option, risk consulting services and Chubb Property Manager Service, which will watch your vacation home while you’re away.

    Here are some other points of comparison between Tower Hill and Chubb:

    • Both companies specialize in insuring high-value homes. 
    • Standard Chubb policies come with more features than what Tower Hill offers.
    • Chubb has higher claims satisfaction and customer satisfaction than Tower Hill.
    • Chubb offers a handful of discounts, whereas Tower Hill does not advertise any discounts. 
    • Tower Hill premiums run slightly higher on average.

    Tower Hill vs. Amica

    Tower Hill and Amica are different in a few ways. First, Amica is highly rated for its claims satisfaction and customer satisfaction. It also has an A+ rating from AM Best, which is much higher than Tower Hill’s B++ rating. If you care about getting good customer service, Amica is more highly regarded. But while Amica offers better discounts, its policies are not suitable for extremely expensive homes. 

    Here are some of the biggest differences between Tower Hill and Amica: 

    • Amica has better customer satisfaction and financial strength ratings than Tower Hill.
    • Amica advertises a variety of home insurance discounts, while Tower Hill does not. 
    • Tower Hill’s policies are more appropriate for high-value homes. Amica’s policies are better suited for standard homes. 
    • Amica’s rates run higher than Tower Hill’s, on average.

    Additional insurance policies offered by Tower Hill

    Tower Hill offers a few different insurance products besides home insurance. Here are the options available, keeping in mind that policy availability varies by state:

    • Flood insurance
    • Landlord insurance
    • Condo insurance
    • Renters insurance
    • Mobile home insurance
    • Equipment breakdown insurance
    • Watercraft insurance
    • Commercial insurance

    The takeaway

    • Tower Hill Insurance is only available to homeowners in Florida.
    • The company specializes in insuring high-value homes of $750,000 or more.
    • Tower Hill has a high number of customer complaints and its financial strength is not as good as many competitors.
    • Tower Hill policies are only slightly more expensive than the U.S. average cost of home insurance. 

    Tower Hill homeowners insurance is only available in Florida. It’s best suited for homeowners who are looking to insure a high-value home, but the company also sells standard policies. Tower Hill’s financial strength and customer service ratings raise some red flags, but it offers a wide variety of comprehensive coverages, including some hard-to-find options, like trampoline liability insurance, pool slide coverage and food spoilage coverage. 

    Methodology

    Coverage utilizes Quadrant Information Services to analyze rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on 40-year-old male and female homeowners with a clean claim history, good credit and the following coverage limits:

    • Coverage A, Dwelling: $200,000
    • Coverage B, Other Structures: $20,000
    • Coverage C, Personal Property: $100,000
    • Coverage D, Loss of Use: $40,000
    • Coverage E, Liability: $300,000
    • Coverage F, Medical Payments: $1,000

    The homeowners also have a $1,000 deductible and a separate wind and hail deductible (if required).

    These are sample rates and should be used for comparative purposes only. Your quotes may be different. 

    Rates are determined based on 2020 Quadrant Information Services data.

    Elizabeth Rivelli

    Elizabeth is an insurance writer for coverage.com, where she covers insurance providers and reviews policies to help consumers find comprehensive and affordable coverage for every area of their life. She has more than three years of writing experience for top online insurance and finance publications.

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